With reference to Law No. 194 (dated Oct. 12, 2020), we would like to bring to your attention the following matter concerning real estate transactions in areas and neighborhoods affected by the Beirut Port explosion, specifically in the Port, Saifi, Mudawar, and Rmeil: In light of the stifling economic crisis that Lebanon is going through which was exacerbated by the Beirut Port explosion, and based on the urgent need to protect Beirut’s historical heritage landmarks, and given that some parties have exploited the economic crisis and the needs of building owners for liquidity with efforts to coerce them to sell their properties at lower-than-market prices, and to prevent unjust property sales under such circumstances, Law No. 194 was issued.
In light of this law, it is hereby forbidden for a period of two years to carry out any act insisting on the transfer of ownership of real estate located in the aforementioned areas. Additionally, all powers of attorney signed between August 5th, 2020 and the date of the promulgation of this law regarding the transfer of ownership of real estate located in these areas are effectively frozen, pending examinations by the General Directorate of Real Estate Affairs or the most relevant body.
Kindly download the attached circular for more details.